How Singapore Became So Rich in Just Several Decades

What do you know about Singapore? This place is one of the three city-states that exist nowadays. It consists of 63 small islands in Southeast Asia, and it's one of the most progressive countries in the world.
Singapore imports everything, from fresh water to sand, because it doesn't have its own natural resources. But that doesn't prevent the country from having an impressive number of rich people. Every sixth Singapore resident has more than $1 million in assets. This is the highest concentration of millionaires on the planet! At the same time, Singapore is the least corrupt country in Asia. Today, you'll find out the amazing story behind its incredible success!
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TIMESTAMPS:
What Singapore looks like today 0:44
What Singapore looked like in the 1960s 1:54
What was one of the biggest problem 2:33
How the housing problem was solving 3:29
Economic growth 5:18
What is Singapore nowadays? 5:49
“Smart environment” project 6:36
The National Stadium of Singapore 7:58
Marina Bay Sands 8:28
Preview photo credit:
SINGAPORE - OCT 4: Street scene in Singapore's Chinatown on October 4, 2014 in Singapore. The city state's ethnic Chinese began settling in Chinatown circa 1820s: By ChaiwatNK/Shutterstock.com,
Animation is created by Bright Side.
Music by Epidemic Sound
SUMMARY:
- In the 1960s, Singapore was a town with smelly slums and streets controlled by numerous gangs. It had a weak legislative system, uneducated population, rampant corruption, and microscopic salaries.
- The country entered the 1970s as a stable state with steady economic growth. And in a couple of decades, an impoverished island-nation turned into a country that was confidently moving toward prosperity.
- Nowadays, Singapore has an effective tax system and pension scheme. You see, residents and their employers transfer a part of their income to visible accounts that they can track and monitor at any moment.
- The Bukit Ho Swee Fire of 1961 wiped out an area of 4.3 million square feet, turning the homes of 16,000 residents to ash. But all these people got new accommodation within a year.
- By 2016, 90% of Singaporeans were living in their own homes. What's more, 80% of these homes were situated in residential units that had been built by the state.
- The per capita GDP in Singapore skyrocketed from $500 in 1965 to $14,500 in 1991. That’s a whopping 2,800% in just 26 years!
- The Port of Singapore is the second largest in the world. It's connected with 600 other ports in 123 different countries.
- Besides being a huge transportation center, Singapore is also a smart city, meaning over 90% of its residents have smartphones.
- The little city-state houses a staggering number of sights and entertainment that attract millions of tourists from all over the world.
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